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Send  Share  RSS  Twitter  14 Jul 2010

ACCOUNTING: BDO, Moore Stephens to Merge

 





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BDO South Africa Incorporated and Moore Stephens MWM Incorporated today announced that they will join forces to create a stronger Johannesburg-based entity with effect from 1 September 2010. The new combined firm will continue to operate under the BDO brand name and be associated with the BDO International network.

The amalgamation will boost the number of partners and directors operating under the BDO name in Johannesburg to over 35 and the number of total staff to 400, with 10 new partners joining BDO from Moore Stephens. According to John Spencer, the CEO of BDO in South Africa, in addition to traditional audit services the combined firm will create a formidable non-audit service offering - specifically in the area of corporate finance.

The expanded Corporate Finance team will deliver an offering that will rival that offered by any of BDO’s competitors in the South African market. Moore Stephens Corporate Finance is one of South Africa’s top-ranked corporate finance firms, having ranked fourth overall by transaction volume in the 2010 DealMakers survey of South African corporate finance activity, and number one amongst the accounting networks.

John says “This will put BDO in a unique position where we will now offer a stronger corporate finance and risk advisory service to complement our comprehensive audit, accounting and tax services. We have always been a proponent of greater choice in the marketplace, and the added strength of Moore Stephens in Johannesburg means greater capacity for us and our clients. This enhanced capacity and the technical expertise we bring to the table means we are ideally equipped to service companies – both public and private – in the upper end of the market”.

Olivier Barbeau, a partner at Moore Stephens in Johannesburg, comments “This exciting development marks a new era for Moore Stephens in Johannesburg. Since 1945 we have been serving mainly local clients and we are now looking forward to greatly expanding our range of services to both our local and ever-increasing international client base through our membership of BDO. Servicing our clients’ needs has always been our number one priority, and our clients will see substantial benefits from us joining BDO”.

“With this amalgamation, we are firmly on the way to ensuring that BDO is the leading alternative to the larger firms and a leader in our chosen market segments in the accounting profession in South Africa. This is important not just because of the importance of South Africa as an emerging economy and its importance to the African continent, but as a demonstration of BDO International’s commitment to being one of the key global accounting networks in all the markets in which we operate”, concludes John.


 
 
 
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